Bitcoin ETFs continue to demonstrate resilience, maintaining their inflow trends despite a recent decrease in the asset’s price.
Summary
- Bitcoin’s price has slipped to $122,200, down from a high of $126,198, influenced by renewed selling pressure.
- Bitcoin ETFs listed in the U.S. continue to attract inflows, totaling $875.6 million on October 7.
- Despite the price decline, BTC remains in a bullish stance, with support at $120,000 and the RSI cooling to 63.35 after nearing overbought levels.
Bitcoin ETFs enjoyed another day of inflows, totaling $876.5 million during the latest trading session on October 7. This marks the seventh consecutive day of positive gains for the funds, contributing to the $4.43 billion accrued over the past six days amid Bitcoin’s recent surge.
Data from SoSoValue indicates that BlackRock’s IBIT comprised the majority with $899.4 million, while Valkyrie’s BRRR managed a modest $4.8 million. Grayscale’s GBTC countered the positive trend with approximately $28.6 million in outflows, being the only fund experiencing withdrawals.
Additionally, the remaining eight funds, including Fidelity, Invesco, and Bitwise, reported no net activity. This recent performance implies that profit-taking among institutional investors is starting to occur, alongside a general cooling as the asset’s price retracts from its peak for the month.
Bitcoin price trend on daily chart
As of the latest update, Bitcoin is trading at $122,392, down 1.5% in the past 24 hours, according to crypto.news data. This decline follows a nearly two-week rally that commenced around the $108,000 mark. Today’s bearish candle indicates hesitation near the $124,000 resistance level, where BTC faced rejection before falling back.
Notwithstanding the pullback, indicators suggest that this correction is healthy. The RSI, which recently surged above 70, has since relaxed to 63.35, indicating a reset in momentum. Volume has also decreased, suggesting that the sell-off lacks strong conviction.
Meanwhile, the MACD remains in bullish territory, with the histogram continuing to widen and the MACD line comfortably positioned above the signal line. As long as Bitcoin sustains levels over $120,000, the overall structure remains bullish, suggesting the market may only be consolidating before another upward movement.
However, if the price drops below $119,500, we could see a deeper pullback towards the $116,000–$117,000 range, which served as a support during the last consolidation phase. Conversely, reclaiming $124,000 might reignite bullish momentum towards $126,000–$128,000.
